Flounder Inc. reported the following partial statement of income data for the years ended December 31, 2024 and 2023: Sales Cost of goods sold Gross profit (a) Sales Cost of goods sold Gross profit The company reported inventory in the statement of financial position at $42.000, $53,900, and $48,800 at the end of 2022, 2023, and 2024, respectively. The ending inventory amounts for 2022 and 2024 are correct. However, the company has understated the ending inventory at December 31, 2023, by $8,118. 2024 $276,000 Gross profit margin 214,000 Prepare correct statements of income for 2023 and 2024 through to gross profit. Before correction $62,000 After correction 2023 $246,000 188.682 $ $57,318 Calculate the gross profit margin for each of these two years, before and after the correction. (Round answers to 1 decimal place, e.g. 15.5%.) 2024 2024 % 2023 % 2023 % %

Flounder Inc. reported the following partial statement of income data for the years ended December 31, 2024 and 2023: Sales Cost of goods sold Gross profit (a) Sales Cost of goods sold Gross profit The company reported inventory in the statement of financial position at $42.000, $53,900, and $48,800 at the end of 2022, 2023, and 2024, respectively. The ending inventory amounts for 2022 and 2024 are correct. However, the company has understated the ending inventory at December 31, 2023, by $8,118. 2024 $276,000 Gross profit margin 214,000 Prepare correct statements of income for 2023 and 2024 through to gross profit. Before correction $62,000 After correction 2023 $246,000 188.682 $ $57,318 Calculate the gross profit margin for each of these two years, before and after the correction. (Round answers to 1 decimal place, e.g. 15.5%.) 2024 2024 % 2023 % 2023 % %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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